RoboForex is a brokerage company that was founded in 2009 and is recognized as a reliable partner by the most respected financial market experts. It operates legally in Nigeria and is regulated by the International Financial Services Commission – IFSC Belize (license 000138/437).
The standout features of RoboForex that make it one of the best forex brokers in Nigeria include:
- Wide range of trading instruments: RoboForex offers a diverse selection of over 12,000 trading instruments across various asset classes, including forex pairs, commodities, indices, cryptocurrencies, and more.
- Multiple trading platforms: RoboForex provides access to several trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, R MobileTrader, and R WebTrader. This allows traders to choose the platform that best suits their needs and preferences.
- Variety of account types: RoboForex offers a range of account types to cater to different trading styles and experience levels. These include ProCent, Pro, ECN, Prime, and R StocksTrader accounts. Each account type comes with its own set of features and benefits, allowing traders to choose the one that best fits their needs.
- Comprehensive educational resources: RoboForex provides a wealth of educational materials for novice traders, including video tutorials, articles, and webinars. This helps beginners learn the ropes of forex trading and develop their skills.
- CopyFX platform: RoboForex offers its CopyFX platform, which allows traders to automatically copy the trades of professional traders. This can be a great way for beginners to learn from experienced traders and potentially earn passive income.
- Competitive fees and spreads: RoboForex offers tight spreads and competitive fees, making it an attractive option for traders looking to minimize their trading costs.
- Regulation and safety: RoboForex is regulated by the International Financial Services Commission (IFSC) of Belize, ensuring a secure and transparent trading environment for its clients.
- Customer support: RoboForex provides multilingual customer support 24/7, helping traders resolve any issues they may encounter
RoboForex Safety and Regulation for Nigerian Traders
RoboForex is regulated by the Financial Services Commission (FSC) and holds a special brokerage license for “Trading in financial and commodity-based derivative instruments and other securities”, license number 000138/437.
Although RoboForex is not directly regulated in Nigeria, it operates under the International Financial Services Commission (IFSC) of Belize, an international financial regulator that sets strict requirements for its members. This ensures that RoboForex’s financial activities are governed by clearly defined rights and obligations, providing a secure environment for traders’ monetary assets.
RoboForex has implemented several measures to ensure the safety of clients’ funds. One of these is the Negative Balance Protection, which automatically resets a client’s trading account balance to zero if market volatility results in a negative balance, thereby preventing clients from incurring debt.
RoboForex is also a member of the Compensation Fund of The Financial Commission, which provides protection up to €20,000 per case should a member refuse to adhere to a judgment from the Financial Commission.
RoboForex Minimum Deposit
The minimum deposit requirements for RoboForex in Nigeria depend on the type of account you choose to open. For Pro, ProCent, Prime, and ECN accounts, the minimum deposit is 10 USD or 10 EUR. For the R StocksTrader account, the minimum deposit is 100 USD or 100 EUR.
In terms of Nigerian Naira (NGN), the minimum deposit required to open a RoboForex account is 8,100 NGN for the Pro, ProCent, Prime, and ECN accounts, and 81,650 NGN for the R StocksTrader account.
RoboForex offers several methods for depositing funds, including bank payments, electronic payments, bank cards, cash, and vouchers. The time it takes to deposit funds into your RoboForex account depends on the specific deposit method you’re using.
Electronic payments are typically instant, but in some cases, it can take up to 1 day. Bank payments can take anything from up to 1 day to up to 3 days to process. Card payments are processed instantly except for China UnionPay where it takes up to 1 day to process your deposit.
Deposits with cash and vouchers can take up to 1 day to process.
When depositing funds with RoboForex, you have a choice of several currencies in which to make your deposit. However, your trading account will be in one of four currencies: USD, EUR, CNY, and GOLD. If you deposit funds into your account and your currency differs from one of these currencies, it will be converted according to RoboForex’s internal exchange rates.
Pros of Using RoboForex in Nigeria
- Favorable Trading Conditions: RoboForex offers favorable trading conditions with a minimum deposit of $10, making it accessible for traders with different budget levels.
- Unique Investment Program: The broker provides a unique investment program called CopyFx, which could be beneficial for those looking for a simple but reliable way to invest in financial markets.
- High Affiliate Payments: As an affiliate marketer, you might be interested in the fact that RoboForex offers the highest affiliate payments, up to 84% of the fee paid by the referral.
- Instant Withdrawal of Funds: RoboForex allows for the instant withdrawal of funds, which can be a significant advantage for traders who need quick access to their money.
- Wide Range of Trading Instruments: RoboForex offers over 9,400 trading instruments, including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs, and CFDs.
- Educational Material: RoboForex provides excellent educational material for novice traders, which can be beneficial for those just starting out in the trading world4.
Cons of Using RoboForex in Nigeria
- Limited Number of Currency Pairs: RoboForex offers a relatively small number of currency pairs – 36, for accounts: Pro, Pro-Cent, ECN, and Prime.
- Lack of Cryptocurrency Tools: There is a lack of cryptocurrency tools when trading on the R StocksTrader platform.
- Regulatory Documents: There are a large number of regulatory documents, which must be studied before starting cooperation with RoboForex.
- No Local Regulation: While RoboForex is regulated by the IFSC Belize, it is not regulated by the local financial regulatory authority in Nigeria.
Last Updated on by Patrick Mahinge